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The main differences: Ethereum and Classic Ethereum

There are a lot of newcomers in the crypto-currency area, and I would like to mark the differences between the Ethereum and the Classic Ethereum, which I consider to be key. I tried to be as objective as possible. You can discuss it, look for other points of view, no one’s opinion is an absolute truth.

Changeability of the blockchain

Ethereum – in the record in the blockchain and contracts, it is possible to make changes, if the majority agrees to this (i.e., blockchain is changed).

Classic – records in the blockchain and contracts will never change (i.e., blockchain is unchangeable).

Each approach has its pros and cons.

On the side of changeability is the idea that most have the wisdom to make the right decision. Therefore, more practical to cancel the transaction if the thefts and not to chase thieves

On the side of unchangeability – the opposite view that the majority, regardless of wisdom, can’t always make the right decision, so it is better to pursue thieves according to the existing legal framework.

Elaboration

Ethereum – the main decisions are made or developed mainly by the Foundation of the Etherium with the submission of the community.

Classic – decisions on the blockchain are mostly taken through feedback from three poorly coordinated teams involving the community.

In either case, anyone can submit proposals for improvement for one or both of the blockchains. This is the beauty of open source. This is a very common phenomenon. You will see that the developers of both chains communicate with each other through Github and Reddit. I expect that they will cooperate more closely, in view of their commitment to achieving common goals.

Compatibility

Both blockchain s are currently compatible with each other. Contracts (programs) written for one can work with another.

Ethereum – is focused on eWASM for the openness of its platform to the largest number of developers. Safer contracts are a secondary task (for example, the programming language of smart contracts Viper).

Classic – focuses on enabling developers to create more secure contracts (for example, Viper, IOHK developer research), while sacrificing a common base of available developers.

Obviously, both chains can take over each other’s changes. Another question is whether. My personal opinion is that the number of developers is not necessarily equated to the quality of the product.

Transaction speed

Ethereum – average time of the processing unit is 25 seconds. It is likely to be reduced in the upcoming update (Metropolis).

Classic – average time of the processing unit is 14 seconds. Upcoming updates are likely to remain between 10-14 seconds (ECIP-1010 and ECIP-1036).

Block capacity

Ethereum – Blocks are filled when the threshold is reached in 500,000 transactions per day. This may entail the same growth problems for transaction charges recently noted in Bitcoin. The issue of expanding the size of the blocks (by increasing the default gas limit) may be solved in the Metropolis fork.

Classic – Blocks currently in blocks a lot of free space. As in the case of the Ethereum, this will change with the growing popularity of the Classic chain.

In the community

Ethereum – Most discussions take place on Reddit.

Classic – Most discussions take place on Slack.

The monetary policy

Ethereum – plans a steady increase in the volume of emissions with an approximate annual inflation rate of 3% for life.

Classic – plans about 3% of inflation until about 2025, where the total supply is about 200 million ETC. Subsequently, it will become deflationary.

Localization of trade volume

Ethereum – 20% – in China, 25% – in South Korea, 25% – in the USA.

Classic – 50% – in China, 25% – in South Korea, 10% – in the USA.

Securities

Ethereum – Currently, there are no options for investors trading derivative securities on the ETC. The SEC recently refused to create an ETF for the Etherium.

Classic – there is an investment fund Ethereum Classic Investment Trust, which allows investors to purchase ETC without owning the underlying asset.

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